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Cognizant buys Pune consulting firm for $2m
By siliconindia
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Wednesday, 25 February 2004, 20:30 IST
PUNE: Cognizant Technology Solutions, the $368.2m IT services provider, has acquired the Pune-based Ygyan Consulting for approximately $2m. This is Cognizants first acquisition in India and will be completed by the end of this month. The Foreign Investment Promotion Board (FIPB) cleared the proposal on Friday.
The acquisition will strengthen Cognizants solution spectrum; all its acquisitions being aimed at strengthening a geographic footprint and verticals. Ygyan does SAP implementation for the small and medium-sized enterprises (SMEs) and has a strong retail vertical. Cognizant has acquired five companies in the past 20 months, two each in the US and Europe, and this is our first acquisition in India, R Ramkumar, chief knowledge officer, Cognizant, said. Ygyan Consulting, founded by Anant Padmanabhan in 1998, has a vertical focus on the manufacturing, construction, healthcare and retail sectors. It has marketing offices in Singapore and the UK, supported by an 85-member team based primarily in Pune.
Ygyans revenues last year were $3m. The acquisition will allow Cognizant to cross-sell its core service to Ygyans existing client base, which is largely in the UK and Singapore.